When you open a CD, do you generally take the interest payments to your checking account (as if you were purchasing a regular, coupon bond) or do you have the interest compound inside the CD (as if you were purchasing a zero coupon bond)?

Some banks don't let you decide -- they just choose for you. Other banks let you decide when you open the CD. Are there any banks that let you change your mind in midstream? When would that be beneficial?

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